UNG vs. FCG
UNG (United States Natural Gas Fund LP) and FCG (First Trust Natural Gas ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while FCG is a Energy Equities fund tracking the ISE-Revere Natural Gas Index. Both are passively managed. Over the past 10 years, UNG returned -22.36%/yr vs 3.70%/yr for FCG. At a 0.27 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.60%/yr for FCG.
Performance
UNG vs. FCG - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -15.42% return, which is significantly lower than FCG's 19.07% return. Over the past 10 years, UNG has underperformed FCG with an annualized return of -22.36%, while FCG has yielded a comparatively higher 3.70% annualized return.
UNG
- 1D
- -2.17%
- 1M
- -8.63%
- 6M
- -7.25%
- YTD
- -15.42%
- 1Y
- -30.50%
- 3Y*
- -27.45%
- 5Y*
- -27.34%
- 10Y*
- -22.36%
FCG
- 1D
- 3.26%
- 1M
- -3.62%
- 6M
- 20.15%
- YTD
- 19.07%
- 1Y
- 18.03%
- 3Y*
- 8.40%
- 5Y*
- 16.23%
- 10Y*
- 3.70%
UNG vs. FCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -15.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
FCG First Trust Natural Gas ETF | 19.07% | -2.28% | 4.16% | 2.55% | 47.24% | 98.49% | -23.20% | -15.76% | -34.81% | -11.38% |
Correlation
The correlation between UNG and FCG is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.27 |
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Return for Risk
UNG vs. FCG — Risk / Return Rank
UNG
FCG
UNG vs. FCG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and First Trust Natural Gas ETF (FCG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UNG | FCG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.12 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.92 | -1.69 |
| Martin ratioReturn relative to average drawdown | -1.20 | 2.46 | -3.66 |
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Drawdowns
UNG vs. FCG - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, roughly equal to the maximum FCG drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for UNG and FCG.
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Drawdown Indicators
| UNG | FCG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -97.20% | -2.68% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -19.67% | -20.27% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -29.44% | -38.72% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -33.33% | -59.16% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -85.04% | -8.51% |
Current DrawdownCurrent decline from peak | -99.87% | -75.99% | -23.88% |
Average DrawdownAverage peak-to-trough decline | -90.00% | -65.42% | -24.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.43% | 7.35% | +18.08% |
Volatility
UNG vs. FCG - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 11.04% compared to First Trust Natural Gas ETF (FCG) at 8.33%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than FCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | FCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.04% | 8.33% | +2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 49.52% | 20.63% | +28.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.76% | 27.29% | +32.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.19% | 33.33% | +30.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.76% | 38.24% | +16.52% |
UNG vs. FCG - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than FCG's 0.60% expense ratio.
Dividends
UNG vs. FCG - Dividend Comparison
UNG has not paid dividends to shareholders, while FCG's dividend yield for the trailing twelve months is around 2.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 2.31% | 2.86% | 2.76% | 3.25% | 3.04% | 1.73% | 3.82% | 2.87% | 1.46% | 1.56% | 1.70% | 4.79% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNG and FCG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (11.04%) compared to FCG (8.33%). In terms of maximum drawdown, UNG dropped -99.88% vs FCG's -97.20%.
On 10-year performance, FCG leads with 3.70% vs -22.36% for UNG. On fees, FCG is cheaper at 0.60% per year. On volatility, FCG has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FCG has performed better with a 3.70% return vs -22.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.60% expense ratio, compared with 1.17% for UNG.
FCG has the higher dividend yield at 2.31%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while FCG is Energy Equities. UNG tracks Front Month Natural Gas Futures, while FCG tracks ISE-Revere Natural Gas Index. They also come from different issuers: USCF Investments and First Trust. Their fees differ too: 1.17% for UNG and 0.60% for FCG.
FCG currently has the higher Sharpe Ratio (0.66 vs -0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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